Arizona weekly citizen., 1887-04-02
The Funding Bill.

An act to enable any county to fund its outstanding indebtedness.
 The Board of Supervisors of any county in Arizona shall, from time to time, issue negotiable coupon bonds of their county, for the purpose of paying, redeeming or Tefunding the principal and interest of the following indebted ness of their county, when they can issue at lower rate of interest for the profit of the county, viZ,: Any indebt- edness contracted, or obligations exist ing, prior tO July %, 1886; said bonds shall be issued so far as practicable ID determinations Of Sl, 900 each, but bonds of not less than 5000 may be issued when necessary. Bonds must bear in terest of not more than eight, nos less than five per cent per annum, to be paid on January 10th of each year The principal and interest must be paid in lawful money of the United States, at the office of the County Treasurer, or at some bank in New York or San Fran cisco, as designated by the supervisors. The bonds shall be paid and redeemed, tO wit: Ten per cent of the total amount Tn ten years, and ten per cent annually thereafter until all Is paid, making the last bond payable twenty years from date Ot issue, Interest coupons must be attached to said bonds in such manner that In removing same the bond will not be mutilated. The bonds must be sIgned by the chairman and bear the Cilirial sesl of the Board; also must be signed by the County Treasurer and bear his officIal seal. The coupons an nexed must also be signed by the Char msn and tbe Treasurer. The bonds must be consscutIvely G1umbered; the face Ot the bonds must show the amount when and where payable, date of issue, payable to bearer, rate of interest, and issued. ID conformity with the act, and the act itself printed on the back thereof. The Board must deliver said bonds to the Treasurer, file his receipt therefor, and the Treasurer's official bond Is re sponsible for the bonds and the pro- ceeds derived therefrom; also the Board shall require Of him additional bonds of office. The Treasurer. under the su- pervlslOn of the board. must sell the bonds for cash or exchange for not less than face value and accrued interest. The money derived from the sale of the bonds must be RpplIed exclusively for redeeming county indebtedness. The Treasurer must keep a record m a book called Bond Register" showing all the transactions relating to the said bonds, said book to be kept open for inspec- tion Oy the public. The sale of said bonds or any part of them must be to the highest bidder. said sale to be advertised for three weeks in st least one newspaper published ID the county. The Board of Supervisors shall levy each year tax upon the taxable proper ty of the county an amount sufficient to pay the interest on the bonds issued, and shall, at least one year before any bouds are due. levy sufficient additional sum tO pay said bonds ss they become due. % be collected ss other county taxes. The County treasurer must apply the funds derived from the sale of the bonds to the payment of the indebted ness herein mentioned. and to DO other purpose, and 1t should De the duty of the respective county officers to levy. collect and apply the tax herein pro vided, for the payment of interest and redemption of the bonds specified, and for no otter purpose, and any failure on the part of said officials to comply with sny of the conditions of this Act shall be dee med a misdemeanor, and upon con viction in a court having jurisdiction thereof. shall be fned in an amount equal to the sum appropriated, and i'm p1soned in the county jail for not lees than SIX, nor more than twelve, months; and tbe sad officer shall stand charged upon his official bond for said fine i'm posed, and If said Board of Supervisors shall fail to levy sand tax for the pay ment of the bonds aud interest. the District Court shall have power to do SO, as efiectuslly ss said Board might do, under this act. The bonds are to be exempt from taxation within this Territory, and sll expense attached thereto, publication of notices and all necessary incidental expenses shall be paid out of the general fund of the county; and a sum of money sufficient to cover said expense IS to be sppro- priated out of said fund.
 Approved March ?. lsaI.